Codere Online Revenue Rises 6% in 2025

Codere Online wrapped up 2025 with higher revenues, reporting €224 million for the year, up 6% from €212 million in 2024. The final quarter delivered particularly strong momentum, with revenue climbing 15% year-on-year from €52.7 million to €60.7 million.

The revenue uplift mirrored rising player engagement. Active customers grew 13% across the full year and surged 20% during the fourth quarter alone.

Chief Executive Officer Aviv Sher highlighted the company’s record-breaking quarterly performance, noting that Q4 net gaming revenue reached €60.7 million, the highest in its history. He attributed much of the growth to Mexico, where net gaming revenue increased 31%, supported by a 43% expansion in the active player base. December marked another milestone, with 100,000 active players recorded in the country. Sher added that the business is strategically positioned ahead of this summer’s World Cup.

Mexico continues to represent a key revenue driver. Full-year revenue in the country rose 12% to €119.1 million, while fourth-quarter revenue advanced 31% to €32.8 million.

Tax Pressures in Latin America

Despite operational gains, the company faces mounting fiscal challenges in several Latin American markets. In Mexico, gaming taxes have risen from 30% to 50%, effective January 1, 2025. Meanwhile, Colombia introduced a 19% value-added tax on deposits from February 21 through December 31, 2025, which now also applies to gross gaming revenue.

In response to these regulatory changes, Codere Online halted investment activity in Colombia in November 2025 to limit financial exposure. Mexico remains a focal point of attention heading into 2026, particularly with the upcoming World Cup expected to influence market dynamics.

Speaking during a webinar hosted by SBC, Sher warned that higher taxation could reduce marketing spend and weaken the visibility of regulated operators, potentially affecting their ability to compete with unlicensed platforms.

Profitability and 2026 Outlook

Adjusted EBITDA for Q4 reached €6.7 million, representing a 71% increase compared with €1.8 million in the same period a year earlier. However, for the full year 2025, the company reported a net loss of €1.8 million, contrasting with a €3.9 million net profit in 2024.

Chief Financial Officer Marcus Arildsson stated that the fourth-quarter EBITDA performance placed the company at the upper end of its previously issued 2025 guidance.

Looking ahead, Arildsson projected 2026 net gaming revenue between €235 million and €245 million, with adjusted EBITDA expected to range from €15 million to €20 million.

As the company moves into 2026, it does so with solid operational momentum but against a backdrop of tighter fiscal conditions across its primary Latin American markets.